In today’s briefing:
- [Japan M&A] ¥4,870/Sh Blackstone TOB for Technopro (6028 JP) – Watch the Parameters and Modalities
- TechnoPro (6028 JP): Blackstone’s Tender Offer at JPY4,870
- Recruit Holdings: 1Q Earnings Is No Surprise but More Downside Ahead
- JSW Cement IPO: Reasonably Priced; Growth Momentum Not Concrete Enough To Sustain Valuation
- Airbus SE: European Defense & Space Collaborations to Bolster Strategic Standing In The Market!
- Trane Technologies: Racing Ahead in the Electrification Boom With Breakthrough Heating Portfolio!
- Tokyu Construction (1720 JP): Q1 FY03/26 flash update
- Nagase & Co Ltd (8012 JP): Q1 FY03/26 flash update
- Nisshinbo Holdings (3105 JP): 1H FY12/25 flash update
- What’s News in Amsterdam – 6 August (ABN Amro | Ahold Delhaize | Austrian Post)
[Japan M&A] ¥4,870/Sh Blackstone TOB for Technopro (6028 JP) – Watch the Parameters and Modalities
- This was signaled in May, somewhat confirmed in July, now done. Blackstone buys Technopro at ¥4,870/share which is ~14x EV/EBITDA for next year.
- PE Firms have been scouring the Japanese market to buy companies. The METI Corporate Takeover Guidelines are super-helpful in that regard. This will squeeze the market over time.
- This takeover price is not quite as full as it could have been, and there are some parameters and modalities to this which are worth looking at. Parameters and Modalities.
TechnoPro (6028 JP): Blackstone’s Tender Offer at JPY4,870
- Technopro Holdings (6028 JP) announced a tender offer from Blackstone at JPY4,870, a 43.7% premium to the undisturbed price of JPY3,389 but at a slight discount to the last close.
- While below the last close, Blackstone’s offer was a result of an auction process and was the highest binding offer. The offer also represents a pre-media rumour all-time high.
- Surprisingly, Blackstone has not disclosed irrevocables. The Board has a neutral opinion. Nevertheless, a fair auction process suggests there will be limited opposition to the offer.
Recruit Holdings: 1Q Earnings Is No Surprise but More Downside Ahead
- Recruit Holdings (6098 JP) reported 1Q results on Tuesday after market. As expected, topline declined 2.5% YoY falling below consensus. Productivity enhancements supported EBITDA growth.
- With gradual cooling of labour markets, the HR Tech segment’s top line growth has declined and Recruit does not expect the segment to see strong growth in FY03/2026E.
- Recruit’s share price dropped 4.4% during today’s trade and with further weakening of job markets, we think there is further opportunity to gain on the Short side.
JSW Cement IPO: Reasonably Priced; Growth Momentum Not Concrete Enough To Sustain Valuation
- JSW Cement has filed for IPO to raise up to ₹36B. The company plans to sell 244.9M shares at between ₹139 and ₹147 per share.
- JSW Cement is one of the mid-tier cement manufacturing companies with operations across southern, western, and eastern regions of India. It has an installed grinding capacity of 20.6 MMTPA.
- The IPO offer price range appears to be a more reasonable for the company considering the fact that it lags behind on many fronts when compared to its peers.
Airbus SE: European Defense & Space Collaborations to Bolster Strategic Standing In The Market!
- Airbus presented its H1 2025 earnings, showcasing mixed results amid ongoing industry and supply chain challenges.
- In terms of performance, Airbus recorded an EBIT adjusted of €2.2 billion, an improvement from the €1.4 billion recorded in H1 2024.
- Revenue increased slightly by 3% to €29.6 billion, reflecting higher contributions from divisions and stronger service volumes, partially offset by a decrease in commercial aircraft deliveries.
Trane Technologies: Racing Ahead in the Electrification Boom With Breakthrough Heating Portfolio!
- Trane Technologies’ second quarter of 2025 results reflect a combination of robust growth drivers and challenges that provide a nuanced picture for potential investors.
- Positively, the company announced record bookings and revenues, with adjusted operating margins expanding by 90 basis points and adjusted EPS growing by 18%.
- A key highlight was Trane’s Americas Commercial HVAC business, which saw bookings increase by over 20%, driven particularly by a strong demand for Applied Solutions, which grew by over 60% year-over-year.
Tokyu Construction (1720 JP): Q1 FY03/26 flash update
- Revenue reached JPY71.9bn, a 30.2% YoY increase, with operating profit at JPY2.2bn, reversing a prior loss.
- Parent-only revenue was JPY68.9bn, with gross profit at JPY6.8bn, driven by completed construction revenue and margins.
- Parent orders totaled JPY112.6bn, with Building Construction orders up 392.8% YoY, Civil Engineering orders down 27.7% YoY.
Nagase & Co Ltd (8012 JP): Q1 FY03/26 flash update
- In Q1 FY03/26, sales were JPY237.3bn (-0.8% YoY), gross profit JPY44.3bn (+0.4% YoY), operating profit JPY10.2bn (-4.5% YoY).
- Cost classification changes at Prinova Group affected SG&A and cost of sales, impacting gross profit figures retrospectively.
- Segment performance varied: automotive demand weakened, semiconductor materials sales rose, and pharmaceutical raw materials sales increased.
Nisshinbo Holdings (3105 JP): 1H FY12/25 flash update
- The company posted sales of JPY254.7bn (+6.1% YoY) and operating profit of JPY18.4bn (+174.3% YoY), with increased profits in Wireless and Communications and Real Estate.
- The FY12/25 forecast anticipates sales of JPY506.0bn (+2.3% YoY) and operating profit of JPY19.7bn (+18.8% YoY), with a revised net income forecast of JPY11.0bn (+7.0% YoY).
- Structural reform in Wireless and Communications is prioritized, with an early retirement program and extraordinary losses impacting net income.
What’s News in Amsterdam – 6 August (ABN Amro | Ahold Delhaize | Austrian Post)
- In this edition: • ABN Amro | mixed results; EUR 250m share buyback • Ahold Delhaize | e-commerce reaches profitability; reiterates FY25 guidance • Austrian Post | expands last mile partnership with Temu to other countries
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